Figure 2-11 -Refer to Figure 2-11.One Segment of the Circular Flow Diagram

question 45

Multiple Choice

Figure 2-11

-Refer to Figure 2-11.One segment of the circular flow diagram in the figure shows the flow of labor services from market K to economic agents J.What is market K and who are economic agents J?

• A)K = factor markets; J = households
• B)K = product markets; J = households
• C)K = factor markets; J = firms
• D)K = product markets; J = firms

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Definitions:

Social Class Concept

A categorization of individuals and groups based on various factors including wealth, occupation, and education, reflecting their position within a societal hierarchy.

Achieved Status

A social position that a person earns or chooses, reflecting personal skills, abilities, and efforts.

Ascribed Status

A social position assigned to an individual at birth or assumed involuntarily later in life, not a result of personal achievement.

Stratification

The arrangement or classification of something into different layers or categories, often used to describe social hierarchy and inequality.